Swiss Regs Say JPMC Breached AML Rules

JPMorgan Chase’s Swiss subsidiary broke anti-money laundering rules in that country, according to FINMA, the Swiss financial markets authority.

Reuters reported that the findings have been disclosed in a document filed with the Swiss court.

The FINMA ruling, which came on June 30, claims the banking giant “seriously infringed” on rules governing anti-money laundering provisions, as confirmed by a Nov. 8 ruling by the Federal Administrative Court. Thus far, no forthcoming action has been disclosed by FINMA or the court against JPMorgan.

In its own statement, an unnamed JPMorgan spokeswoman told Reuters that “there is nothing more important to us than the safety and soundness of the global monetary system. In support of that, we have made and continue to make significant enhancements to the firm’s AML (anti-money laundering) program to ensure we are meeting regulatory expectations. Because this FINMA resolution from June 2017 is not public, we cannot provide further details.”

In reference to what the outcome might be, Reuters noted that FINMA does not have the ability to impose fines, but does have a number of disciplinary arrows in its quiver. The authority can confiscate ill-gotten gains, and in some cases, can revoke banking licenses to operate within Switzerland.


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